According to RTL information, 124 people are to be laid off at ING under a social plan – a figure confirmed by the banking union ALEBA.

In May 2024, ING announced its withdrawal from retail banking to focus more on private banking and wholesale business, meaning larger private investments and corporate clients. At that time, ING closed the accounts of around 50,000 clients. The bank had said then that it did not intend to cut jobs. Already last year, however, ING employed fewer staff than the year before – 900 people, compared to 948 in 2023.

The newest layoffs seem to concern retail banking positions, and though these will happen under a social plan, the start date for those negotiations is yet to be determined.

The Dutch bank also announced a larger wave of international layoffs in July. Around 230 jobs are to be cut in total, primarily in management and corporate banking. Further details on exactly where these cuts will take place have not yet been provided. The reasoning given was that the bank had too many management positions, and in a difficult macroeconomic environment, wanted to "rebalance" staff by attracting young talent.

A look at ING Luxembourg's annual report shows that profit fell by 38 percent in 2024 – from around 263 million to 163 million euros. Revenue from the retail banking sector dropped by 14 percent to 48 million euros following the bank's withdrawal. Results in corporate banking were also lower in 2024 compared to 2023, which ING attributed mainly to weaker interest rates and pricing pressure from clients.